my company has recently started to get problems with the image handling for our websites.
We have several websites (adult entertainment) that display images like dvd cov
If each different image is uniquely identifiable by a single URL then I'd simply use a CDN such as AKAMAI. Let your PHP script do the job and let AKAMAI handle the load.
Since this kind of business doesn't usually have budget problems, that'd be the only place I'd look at.
Edit: that works only if you do find a CDN that will serve this kind of content for you.